Do I Need a Will or a Trust in Oregon?

Do I Need a Will or a Trust? (Self-Assessment)

Answer the questions below:
Do you own real estate?
Do you want to avoid probate?
Do you have children or dependents?
Do you want privacy in your estate matters?
Do you want to leave assets in stages or protect them from creditors?
If you answered yes to 2 or more, you may benefit from a revocable living trust in addition to a will.

Here are the definitions and differences between the two:

Will: A legal document that outlines your wishes for distribution of your assets and guardianship of minors after your death. When you pass away this document distributes everything at one time and still requires your family to go through probate (the court process where a judge divides your assets).

1. Usually a one time division of assets
2. It is public record what assets you have
3. It still requires court proceedings which take 6 to 12 months
4. Less expensive than a trust
5. Less control over distribution of home, money, etc.
6. Does not avoid any estate taxes


Trust: A legal entity that holds and distributes assets outside of the court process, often used to simplify or avoid court proceedings. This allows you more control. You will have someone in charge of the trust that can allocate your money and assets when and how you want. You will avoid probate, can protect some wealth from taxes, and control when your beneficiaries will receive money like at certain ages, after college, for a house, etc.

1. An on going entity with someone else managing it after you pass away
2. It is private
3. It avoids most probate or court proceedings
4. Costs a bit more than a will
5. Allows you control over how and when your home, money, etc. is distributed. You can even make it specific to your child buying a home or opening a business or turning 40 or to be used to care for a pet.
6. In married couples it can be used to save some money on estate taxes.

Reach out anytime. We offer free consultations and are licensed in Oregon, Washington, California, Nevada, Nebraska, and Florida. Schedule a free consultation here or call 503-908-5457 or email Chad@AffordableEstatePNW.com